Daily Times

WTI crude oil prices fell this past week, extending losses since the beginning of this month amid rising recession woes. In fact, the commodity confirmed a breakout under a rising trendline from December, opening the door to extending losses in the sessions ahead. However, prices did leave behind a bullish Morning Star candlestick pattern. A push back above the former trendline may hint at uptrend resumption. Immediate support sits at the 38.2pc Fibonacci retracement level at 103.83. Confirming a breakout under this level could hint at downtrend resumption, placing the focus on the May low at 98.22 before the 92.95 – 95.11 support zone come into focus. Around this range is also when the 200-day Simple Moving Average (SMA) may kick in, perhaps reinstating the dominant upside focus.